Lincoln Electric Board Approves 26% Dividend Increase And Raises 2014 Share Repurchase Target
Quarterly Dividend Increases $0.06 to $0.29 Per Share
28 Oct, 2014, 04:30 ET
CLEVELAND, Oct. 28, 2014 /PRNewswire/ -- Lincoln Electric Holdings, Inc., (Nasdaq: LECO) announced today that its Board of Directors has approved a 26% increase in the quarterly cash dividend, from $0.23 per share to $0.29 per share, or to $1.16 per share on an annualized basis. The declared quarterly cash dividend of $0.29 per common share is payable January 15, 2015 to shareholders of record as of December 31, 2014.
The Board also increased the 2014 share repurchase target by 20% to $300 million of the Company's common shares. This compares with a prior target of $250 million.
About Lincoln Electric
Lincoln Electric is the world leader in the design, development and manufacture of arc welding products, robotic arc welding systems, plasma and oxy-fuel cutting equipment and has a leading global position in the brazing and soldering alloys market. Headquartered in Cleveland, Ohio, Lincoln has 48 manufacturing locations, including operations and joint ventures in 19 countries and a worldwide network of distributors and sales offices covering more than 160 countries. For more information about Lincoln Electric and its products and services, visit the Company's website at http://www.lincolnelectric.com.
The Company's expectations and beliefs concerning the future contained in this news release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements reflect management's current expectations and involve a number of risks and uncertainties. Forward-looking statements generally can be identified by the use of words such as "may," "will," "expect," "intend," "estimate," "anticipate," "believe," "forecast," "guidance" or words of similar meaning. Actual results may differ materially from such statements due to a variety of factors that could adversely affect the Company's operating results. The factors include, but are not limited to: general economic and market conditions; the effectiveness of operating initiatives; interest rates; disruptions, uncertainty or volatility in the credit markets that may limit our access to capital; currency exchange rates and devaluations, including in highly inflationary countries such as Venezuela; adverse outcome of pending or potential litigation; actual costs of the Company's rationalization plans; possible acquisitions; market risks and price fluctuations related to the purchase of commodities and energy; global regulatory complexity; and the possible effects of events beyond our control, such as political unrest, acts of terror and natural disasters, on the Company or its customers, suppliers and the economy in general. For additional discussion, see "Item 1A. Risk Factors" in the Company's Annual Report on Form 10-K.
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SOURCE Lincoln Electric Holdings, Inc.
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